BNP Paribas Agrees to Sell 67% Stake in Morocco's BMCI to Holmarcom Finance Company

BNP Paribas has agreed to sell its 67% shareholding in Banque Marocaine pour le Commerce et l'Industrie to Holmarcom Finance Company, the financial arm of Moroccan conglomerate Holmarcom, in a transaction announced on 29 April 2026. The financial terms of the deal were not disclosed.

Completion of the transaction is subject to the requisite regulatory approvals and is expected to close in the fourth quarter of 2026. Once completed, control of BMCI will pass from the French banking group to Holmarcom, a family-owned Moroccan group that has been a BMCI shareholder for more than 30 years.

FRENCH GROUP EXITS A LEGACY FRANCHISE

BNP Paribas presented the divestment as part of its portfolio simplification and capital optimisation strategy. BNP Paribas will retain activities in Morocco through its corporate and institutional banking business and its Arval vehicle-leasing unit, and the two groups plan a long-term commercial partnership.

BNP Paribas has exited several other African markets, including through the sale of BICICI in Côte d'Ivoire.

The deal follows other exits by French banks from Morocco, including Crédit Agricole's sale of Crédit du Maroc to Holmarcom in 2022 and Société Générale's sale of its Moroccan subsidiary to Saham Group, agreed in 2024. The financial terms of the BMCI transaction were not disclosed, although BNP Paribas expects a positive impact of approximately 15 basis points on its CET1 ratio upon closing.

HOLMARCOM'S BANKING PLANS

The family-owned group already controls Crédit du Maroc, which it acquired from Crédit Agricole in 2022.

Holmarcom chairman Mohamed Hassan Bensalah called the deal "a structuring milestone" and said the aim was to build an integrated financial group centred on banking, insurance and specialised financial services.

The transaction will require clearance from Bank Al-Maghrib, the Moroccan central bank, as well as from Morocco's Competition Council. The deal is expected to close by the end of 2026, once those approvals are secured.